What happened to Coinbase in New York?

Coinbase signage in New York’s Times Square during the company’s initial public offering on the Nasdaq on April 14, 2021. Coinbase settled a case with New York’s state financial regulator, the parties announced Wednesday, and will pay a $50 million fine and invest a further $50 million in compliance efforts.

Does Coinbase pay a $50 million penalty?

The settlement includes a $50 million penalty Coinbase must pay to the New York Department of Financial Services and a pledge to spend $50 million to strengthen the company’t compliance program over the next two years.

Did Coinbase settle a $100 million settlement with DFS?

WASHINGTON (Reuters) -U.S.-based cryptocurrency exchange Coinbase Inchas reached a $100 million settlement with New York's Department of Financial Services (DFS), the exchange and the regulator said in statements on Wednesday.

Did Coinbase violate anti-money-laundering laws?

Gabby Jones for The New York Times Coinbase, a publicly traded cryptocurrency trading exchange based in the United States, agreed to pay a $50 million fine after financial regulators found that it let customers open accounts without conducting sufficient background checks, in violation of anti-money-laundering laws.